NGX: Market Sees Bearish Turn In 2024 As ASI Plunges By 1.4%

Stock Market Closes Negative, Equity Investors Lose N98.52 billion

1 year ago
1 min read

On Friday, the market capitalisation of the Nigerian bourse depreciated from N29.64 trillion to N29.54 trillion, losing N98.52 billion.

The All-Share Index fell slightly to 54,232.34 ASI, after losing 180.87 basis points from the previous day’s 54,413.21 ASI.

Investors exchanged 557.93 million shares in 3,943 deals worth N3.68 billion on Friday.

It contrasted with the 973.64 million shares traded in 3,718 deals on Thursday, worth N4.22 billion.

Top five gainers 

  • Lasaco share appreciated by N0.10kobo to rise from N1 to N1.10kobo per share 
  • Ikeja Hotel grew by N0.11kobo, up from N1.11kobo to N1.22kobo per share 
  • Consolidated Hallmark Insurance ended trading with N0.68kobo from N0.62kobo per share, rising by 9.68 per cent. 
  • UAC Nigeria gained N0.80kono to end trading at N9.55kobo, having opened with N8.75kobo per share. 
  • NNFM’s stock was up by N0.95kobo, closing at N11.95kobo from N11 per share 

Top five losers 

  • CWG depreciated by 9.38 per cent, dwindling from N0.96kobo to N0.87kobo per share. 
  • Caverton also fell by N0.10kobo to end trading at N0.97kobo, after opening with N1.07 per share. 
  • Transcorp followed the same path losing N0.11kobo after trading hours, to sell at N1.39kobo from N1.50kobo per share. 
  • United Capital reported a decline of N0.40kobo from the previous day’s share price of N11.60kobo to end trading at N11.20kobo per share. 
  • Cutix’s share depreciated to N2.24kobo from N2.30kobo, after losing 2.61 per cent during trading hours. 

Top five trading equities in the stock exchange 

  • Transcorp reported 287.68 million shares valued at N395.36 million were traded on its floor 
  • Fidelity Bank recorded 86.39 million shares valued at N450.90 million 
  • UBA saw investors trade 38.99 million of its shares valued at N328.60 million 
  • NGX Group recorded 25.39 million shares exchanged on its floor, worth N685.06 million 
  • Oando reported 21.80 million shares, valued at N123.73 million, exchanged investors’ hands.


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Fidelity Bank supports Temile Development Company to boost Nigeria’s Gas Revenues In what has been termed a significant milestone in the advancement of Nigeria's domestic gas industry and the generation of gas revenues, Temile Development Company Ltd -a key indigenous player in the oil and gas industry- recently commissioned a 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) Carrier. Named ‘Alfred Temile 10’, the vessel was part-financed by leading Nigerian bank -Fidelity Bank Plc- and was commissioned at the Hyundai Mipo Dockyard in Ulsan, South Korea. Dignitaries at the event included the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd (NNPC), Mallam Mele Kyari,OFR; Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr Nneka Onyeali-Ikpe,OON; Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Luke Ekpo; the Charge D’Affairs Ad Interim of the Embassy of Nigeria in South Korea, Ambassador Ferdinand Nwonye; Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe; amongst others. Commending the company on the laudable development, Mallam Mele Kyari said, “I want to congratulate Mr. Alfred for the great feat you have achieved on behalf of our country and we understand that today clean energy is everything because the whole world is transiting to cleaner fuel. In our country, biomass is the major source of energy, and I know that the efforts we are making collectively and with this effort by Temile Group will enhance that ability to produce cleaner energy in our country.” On her own part, Dr Nneka Onyeali-Ikpe,OON said, “This commissioning is a landmark achievement for Nigeria as the vessel would further support the nation’s drive to utilize cleaner energy sources especially as the world transitions to environmental-friendly energy options. Fidelity Bank is delighted to facilitate this transaction and we congratulate our amiable customer -Mr. Alfred Temile- as well as the good people of Nigeria on this feat.” It was noted that this was the second of its kind being part-financed by the Bank and further underscores its support for the industry. An elated Mr. Alfred Temile, the CEO of Temile Development Company, expressed heartfelt appreciation for the collaboration and strong support received from NNPC Ltd and other stakeholders throughout the project's journey. The vessel will bolster the local participation of indigenous maritime players, improve the logistics of LPG supply and increase the availability of LPG for the Nigerian last-mile users. This will contribute to the growth of Nigeria’s domestic gas industry while demonstrating the dedication and increasing capabilities of indigenous Nigerian companies in the oil and gas sector. It will be recalled that Fidelity Bank Plc also part-financed the development of the recently launched Pinnacle Oil and Gas Terminal in Lagos as part of efforts to improve energy security in the country. Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels. The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Fidelity Bank Supports Temile Development Company To Boost Nigeria’s Gas Revenues

Temile Development Company Ltd, a key indigenous player